I have a question about the One Ring. How much did Frodo know about it before Bilbo told him the true story of how he got it?
I assume Bilbo wasn't telling anything of the Ring when he told the story to the little ones. Merry, after all, only learns about the Ring when he sees Bilbo disappear when the S-Bs are on their way, so he probably hasn't heard of it from Bilbo's story. But then he reads in the Red Book and as we learn in LotR he knows quite a lot about the Ring.
So, how much of the truth did end up in Bilbo's Red Book? We know the story about the finding of the Ring is wrong, but did he mention that he used this "gift" of being invisible to fool the spiders and later spy on Smaug, or did he just say that he hid very well?
Assuming that he wanted to keep the Ring a secret, just how much did he give away to the children? Did they really only hear the "I hid very well" version or did Bilbo tell more?
Thanks for your help!